December 2012

Colombian policy makers may revise upward their estimate of how fast the economy can grow, giving the central bank more leeway to use low interest rates to boost growth, Finance Minister Mauricio Cardenas said.

JetBlue Airways intends to serve Medellin in Colombia daily from Fort Lauderdale Hollywood International Airport from June 2013. Subject to receiving government approval, JetBlue Airways plans to make tickets for its Medellin flights available for purchase in January at www.jetblue.com.

A $54 million environmental protection grant was approved on Wednesday as part the Colombia government's ongoing "conservation, restoration, and ecological education program," reported local media. The Regional Development Fund of the General System of Royalties approved the grant which will aid wildlife preservation, water regulation and limiting carbon emissions in over 1,200 acres spread across 13 different municipalities in the central Colombian departments of Cundinamarca and Meta.

Brazil's state-led oil company Petroleo Brasileiro SA said on Wednesday that it found medium grade crude oil in a well drilled in the Upper Magdalena Valley Basin in Colombia's Tolima province, a potential expansion of an existing production area. The oil, at 23.9 degrees on the American Petroleum Institute (API) scale, was found in the Guando SW1 well drilled to a final depth of 1,576 meters (5,171 feet), the Rio de Janeiro-based oil company said in a statement.

JetBlue Airways intends to serve Medellin in Colombia daily from Fort Lauderdale Hollywood International Airport from June 2013. Subject to receiving government approval, JetBlue Airways plans to make tickets for its Medellin flights available for purchase in January at www.jetblue.com.

A $54 million environmental protection grant was approved on Wednesday as part the Colombia government's ongoing "conservation, restoration, and ecological education program," reported local media. The Regional Development Fund of the General System of Royalties approved the grant which will aid wildlife preservation, water regulation and limiting carbon emissions in over 1,200 acres spread across 13 different municipalities in the central Colombian departments of Cundinamarca and Meta.

Brazil's state-led oil company Petroleo Brasileiro SA said on Wednesday that it found medium grade crude oil in a well drilled in the Upper Magdalena Valley Basin in Colombia's Tolima province, a potential expansion of an existing production area. The oil, at 23.9 degrees on the American Petroleum Institute (API) scale, was found in the Guando SW1 well drilled to a final depth of 1,576 meters (5,171 feet), the Rio de Janeiro-based oil company said in a statement.

The cruise ship ‘’Disney Wonder’’ will stop in Cartagena as part of its 2013 Caribbean ports of call. Along with Florida, Jamaica and Mexico, the 965-foot long cruise liner will make port in the northern Colombian coastal city of Cartagena.

Colombia is set for a record breaking year in foreign investment as the total reaches over $15 billion from January to November of 2012, local media sources reported Sunday. Colombian news outlet Portafolio reported that Colombia’s Foreign Direct Investment (FDI) has shown a 12.5% increase from the same period in the previous year, jumping from just over $13.5 billion in 2011 to almost $15.3 billion in 2012.

Japan and Colombia held their first round of talks Monday in Tokyo on a free-trade agreement, with stronger ties through such an accord expected to promote cooperation with a regional economic grouping in Latin America. Tokyo and Bogota are slated to discuss areas to be covered by the possible bilateral pact and terms of reference, with the Japanese side represented by Jun Yokota, ambassador in charge of economic diplomacy at the Foreign Ministry.

Colombia's congress on Thursday approved a new tax reform that the Finance Ministry claimed will "move Colombia towards prosperity" and "reduce inequality." The initiative, which will take effect on January 1, received strong support from both the House of Representatives and the Senate.

Colombia’s bonds jumped, pushing benchmark yields to record lows, and the peso gained after Congress voted to reduce a tax on foreigners’ bond profits by more than half. The yield on the government’s 10 percent peso-denominated securities due in 2024, known as TES, dropped 13 basis points, or 0.13 percentage point, to 5.72 percent, the lowest level since the securities were issued in 2009, according to the central bank. The bond’s price gained 1.315 centavos to 135.444 centavo per peso.

Colombian mountain climbers are planning to plant their country's flag on the highest peak of Antarctica. The seven men on Friday visited President Juan Manuel Santos who handed the climbers a flag, while commending the bravery of the "heroes."

Colombian textile sector is expected to get a boost once the EU-Colombia free trade agreement (FTA) comes into force. Earlier this month, the European Parliament gave green signal for FTAs with Colombia, Peru and six Central American countries. The trade agreements need to be ratified by all 27 EU member states before they can fully come into force. The FTAs will result in reduction of import tariffs and removal of technical barriers to trade on both sides.

Colombia President Juan Manuel Santos says his years as a student at The University of Kansas were important in the development of his character and career. Santos, 61, who graduated in 1973 with a bachelor's degree in economics and business administration, was elected president of the South American country in August 2010 after serving as the nation's finance and defense ministers.

A new velodrome will be built in Medellin as Colombia's second city bids to become the home of Colombian cycling, local media reported on Thursday. The project will reportedly cost just over $22.5 million and construction should begin in mid-2013 with the intention of completing the sporting arena in late 2014.

A new velodrome will be built in Medellin as Colombia's second city bids to become the home of Colombian cycling, local media reported on Thursday. The project will reportedly cost just over $22.5 million and construction should begin in mid-2013 with the intention of completing the sporting arena in late 2014.

Colombia announced Sunday it has reached its longtime goal of producing one million barrels of crude oil in one day, as the industry continues to expand due to massive investment from foreign companies. The record-setting moment occurred Saturday when workers tallying up output levels at the end of the night said production was 1,015,000 barrels, Finance Minister Mauricio Cardenas said on Twitter.

Colombian textile sector is expected to get a boost once the EU-Colombia free trade agreement (FTA) comes into force. Earlier this month, the European Parliament gave green signal for FTAs with Colombia, Peru and six Central American countries. The trade agreements need to be ratified by all 27 EU member states before they can fully come into force. The FTAs will result in reduction of import tariffs and removal of technical barriers to trade on both sides.

Colombian mountain climbers are planning to plant their country's flag on the highest peak of Antarctica. The seven men on Friday visited President Juan Manuel Santos who handed the climbers a flag, while commending the bravery of the "heroes."

Colombian state oil company Ecopetrol announced plans to invest more than $9.5 billion in 2013 as it strives to boost output to 1 million barrels per day by 2015. A total of $6.59 billion is to be invested directly in Ecopetrol and $2.96 billion in its subsidiaries, the company said in a statement Friday.

American Airlines will expand its Latin American service with a new agreement to codeshare with both Brazil-based TAM Airlines and LAN Colombia. Once the agreement is approved, it will allow for American to serve newer markets in Brazil and Colombia while offering similar opportunities for LATAM Airlines Group in the United States.

Johnny Rockets has announced a franchise agreement with finance veterans Roxana Garces and Jaime Lopez to open 10 Johnny Rockets restaurants in Colombia over the next 10 years. Their first location is slated for Bogota, the nation’s capital that has a strong affinity for US brands and boasts an impressive cadre of American retail and dining establishments.

Gov. Rick Scott on Monday began a trade mission to Florida’s second largest trading partner and planned a visit Tuesday with Colombian President Juan Manual Santos. Trade between Florida and the South American nation amounted to more than $9 billion last year, with Florida exporting about $5.3 billion in goods and services and importing about $3.8 billion in Colombian items. Colombia is second only to Brazil as a Florida trading partner.

Colombia’s exports rose 5.8 percent to $4.99 billion in October compared with the same month last year, the government statistics agency said today in a report on its website. In the same period a month earlier, exports rose 6.1 percent in September from the same month last year.

Travel website Travelzoo listed Colombia as one of the top five countries to visit in 2013. Travelzoo put Colombia in its top five "wow" destinations for 2013, along with Alaska, Ireland, New Zealand and the Niagara falls. The site notes that the recent surge of interest from big name airlines and hotel chains such as the Hilton and the Marriot is "a sure sign that this South American country has emerged from the shadows of its infamous past."

Medellin city's Christmas lighting is a tribute to the natural wealth of each of the subdepartments of the Antioquia region. About 18 million LED lamps were lit to illuminate the city, designed under the concept of "Nature, Light and Life".

Birdwatching has never been high on my list of hobbies. Yet there I was, standing in the cathedral square of Cartagena de Indias, squinting into the late-afternoon sunshine for a flash of green feathers. A conversation from the previous night had led me there. “Did you know there are a couple of parrots that hang out at the cathedral? If you’re there at around five in the evening, go look up at the roof. They’re really nice birds.” So enthused the bespectacled, middle-aged man, in his sensible shoes and perfectly pressed jeans, as he proclaimed Colombia the birding capital of the world.

Gov. Rick Scott leaves Sunday on a five-day trip to Colombia to promote Florida and its products to one of the state’s biggest trading partners. Colombia is the fifth largest economy in Latin America with a population of 47.1 million and ranks among the top five destinations for the state’s products with some $3 billion in exports annually, according to Enterprise Florida.

Sitting in the sparkling new airport filled with high-end shops in Bogota, Colombia, Florida's booming southern neighbor, it is hard to believe this is a developing country with a recent turbulent past. This week, Colombia impressed approximately 200 business and government leaders from all corners of our state on a trade mission to Bogota and surrounding cities organized by Enterprise Florida and led by Gov. Rick Scott and his economic development team.

Colombia's economy is so strong that it is in a position to lend money to the International Monetary Fund rather than borrow, said the director of the IMF on Monday. "Colombia is in a situation where [it] can offer support to the [IMF], which has not happened in the past. Colombia has enjoyed a macroeconomic policy that has given a lot of stability to the country," said Christine Lagarde, who is currently on a brief tour of Latin America.

Colombian state oil company Ecopetrol announced a partnership with a unit of Texas-based Anadarko Petroleum Corporation to explore three deep-water blocks off the Caribbean coast. The Anadarko subsidiary will be the operator of the Fuerte Norte, Fuerte Sur and Purple Angel blocks, although each company will hold a 50 percent stake, Ecopetrol said in a statement Thursday.

Colombian state oil company Ecopetrol announced a partnership with a unit of Texas-based Anadarko Petroleum Corporation to explore three deep-water blocks off the Caribbean coast. The Anadarko subsidiary will be the operator of the Fuerte Norte, Fuerte Sur and Purple Angel blocks, although each company will hold a 50 percent stake, Ecopetrol said in a statement Thursday.

Washington, DC — Ambassador to the United States Carlos Urrutia honored U.S. Representatives David Dreier (R-CA) and Sam Farr (D-CA) for their unwavering commitment to strengthening U.S.-Colombia relations, including their support for the U.S.-Colombia Free Trade Agreement (FTA).

“Throughout their tenure in Congress, both Rep. Dreier and Rep. Farr have expressed a deep interest in Colombia and in working to maximize bilateral cooperation in a number of areas, most notably with respect to trade and investment, international security and human rights,” said Ambassador Urrutia. “We honor them today for their leadership and commitment to Colombia and advancing the bilateral agenda.”

Ambassador Urrutia bestowed Colombia’s Order of San Carlos in the degree of Official upon both members of Congress and presented them with presidential decrees conferring this honor. The Order of San Carlos was established by the Colombian government to recognize distinguished Colombian and foreign citizens for their notable service to the country, especially in the area of foreign relations.

The presidential decrees highlighted the congressmen’s support for the FTA. In addition, Rep. Farr was recognized for his “promotion of crop substitution programs as an important part of the strategy in the war on drugs” and for highlighting “the importance of greater participation by international institutions in order to promote human rights and the Victim’s law.” Rep. Dreier was also recognized for demonstrating “great interest in strengthening the cooperation and investment relationship and labor programs between both countries.”

Colombia ranked sixth worldwide in the transition to a sustainable energy model, according to the World Economic Forum. The World Economic Forum report judged 105 countries [on a scale of 0 to 1] by assessing their "energy systems across three primary objectives: delivering economic growth, doing so in anenvironmentally sustainable manner, and ensuring security of supply and access for all." Colombia scored better than countries like Spain, the UK and Denmark but still fell to Norway, Sweden, France, Switzerland and New Zealand.

Colombia's economy will likely expand by 4.5 percent or more next year, similar to growth levels in 2012, the head of the International Monetary Fund (IMF) said on Tuesday. Latin America's No. 4 economy expanded at a brisk 5.9 percent lastyear but growth in 2012 and next year is expected to take a hit from the euro zone crisis and slower world economic growth, which has forced its central bank to cut rates this year.

The European Parliament on Tuesday ratified a free trade agreement with Colombia and Peru despite human and labor rights concerns. The EP's plenary chamber approved the trade deal with 486 votes in favor, 147 against and 41 abstentions. The approved agreement will allow a further limitation of export and import tariffs on goods and services traded between the European Union and its South American trade partners.

A temporary exhibition of music, dance and exquisite costumes celebrating the cultural heritage of Colombia is being held at TheNational Museum of Bogota. The exhibition, named Monument to Thought: Heritage of Colombia to Humanity, takes inspiration from Colombia's UNESCO's concept of intangible cultural heritage, meaning a culture which is not simply a monument or object, but rather abstract and impermanent, such as performing arts or even a festival.

Japan and Colombia are scheduled to start free-trade talks on Dec. 17 to discuss a possible bilateral free trade agreement, the Foreign Ministry said Monday. The two sides are expected to discuss areas to be covered by the possible pact and terms of reference, it said. The Japanese side will be represented by Jun Yokota, ambassador in charge of economic diplomacy.